| CIM FINANCE. INTEGRATED REPORT 2022 184 25. POST EMPLOYMENT BENEFIT LIABILITIES (CONT’D) (b) Unfunded pension schemes (cont’d) (v) Future cash flows - The funding policy is to pay benefits out of the Group’s cashflow as and when due. - Expected employer contributions to post-employment benefit plans for the year ending 30 September 2023 MUR3.7m. - The weighted average duration of the defined benefit obligations is 5 years. GROUP & COMPANY Sep-22 MUR m Sep-21 MUR m (vi) Principal actuarial assumptions at end of year: Discount rate 4.9% 4.5% Future pension increases 5.0% 5.0% Average retirement age (ARA) 60 60 Average life expectancy for: - Male at ARA 19.5 years 19.5 years - Female at ARA 24.2 years 24.2 years GROUP COMPANY Sep-22 MUR m Sep-21 MUR m Sep-22 MUR m Sep-21 MUR m (i) A mounts recognised in the Statements of Financial Position are as follows: Present value of unfunded obligation 71.3 50.3 67.2 49.0 Liability in the Statements of Financial Position 71.3 50.3 67.2 49.0 (ii) Amounts recognised in profit or loss and other comprehensive income are as follows: Service cost: Current service cost 5.6 4.8 5.2 4.6 Past service cost 7.4 - 6.7 - Net interest on net defined benefit liability 2.4 1.7 2.3 1.6 Components of amount recognised in profit or loss 15.4 6.5 14.2 6.2 Liability experience loss / (gain) 5.3 (15.9) 4.6 (15.0) Liability loss / (gain) due to change in financial assumptions 0.4 (1.7) - (1.5) Components of amount recognised in other comprehensive income 5.7 (17.6) 4.6 (16.5) Other post retirement benefits comprise mainly of gratuity on retirement payable under the Mauritian Workers’ Rights Act 2019 (2018-Employment Rights Act 2008) and other benefits. Other retirement benefits comprise full and residual retirement gratuities. The liability experience loss of MUR2.1m is mainly due to actual mortality experience being lower than expected over the past year. The liability gain due to change in financial assumptions of MUR 0.4m is mainly due to the increase in the net post-retirement discount rate (the difference between the discount rate and the rate of pension increases) from -0.5% pa in 2021 to -0.1% pa in 2022. (c) Other retirement benefits Comments on the results: EXPLANATORY NOTES 30 SEPTEMBER 2022
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